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Icagen gets word from NASDAQ to raise its stock price

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RESEARCH TRIANGLE PARK, N.C. — Drug-researcher Icagen (NASDAQ: ICGN) has to get its stock price above a dollar per share or it will be booted off the NASDAQ Global Market, the firm reported.

Icagen shares closed Monday at 48 cents.

The National Association of Securities Dealers normally requires a $1 minimum share price in order to list stocks. Icagen said it had been below that price for 30 consecutive business days and was told in a notice last Thursday that it had 180 calendar days – until May 11 – to find a way to get the price back up.

If it cannot, NASDAQ will move to delist the stock. Icagen said its options then would be to appeal or to ask to be shifted to move NASDAQ's Capital Markets exchange, with a waiver from its $1 minimum requirement.

NASDAQ defines the Capital Markets listings as consisting "of over 550 companies that have applied for listing, having met and continued to meet financial and liquidity listing requirements and agreed to meet specific corporate governance standards." It says the main purpose of that market is for companies to raise more capital.

Icagen would get another 180 days to boost its price.

The recession pushed down many stocks, but the NASDAQ's $1 rule still applies.

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